Restructuring events
European Restructuring Monitor (ERM)
The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.
As part of a larger long-term restructuring strategy within the State Street Bank global group that offers funding activities worldwide, the Luxembourg subsidiary based in Luxembourg-Kirchberg was affected by an outsourcing strategy that led to the cutting of 101 jobs out of a total of 800 jobs in the bank in Luxembourg. The company is setting up 'global hubs' in India and Poland with a view to automating specific jobs and tasks.
After a series of negotiations with the State Street Bank management in Luxembourg, the representative trade unions in the sector, the ALEBA, the OGBL Secteur Financier and LCGB-Sesf unions, signed a social plan (plan social) for the concerned 101 employees on the 8th of May 2019. The plan comprises a series of support measures and financial compensations measures for employees.
Eurofound (2019), State Street Bank Luxembourg, Offshoring/Delocalisation in Luxembourg, factsheet number 101632, European Restructuring Monitor. Dublin, https://dev.eurofound.europa.eu/restructuring-events/detail/101632.
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